JPMorgan Chase & Co. Increases Banco de Chile (NYSE:BCH) Price Target to $21.00

Banco de Chile (NYSE:BCH) had its price objective boosted by JPMorgan Chase & Co. from $20.00 to $21.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 3.85% from the stock’s current price.

Separately, HSBC cut Banco de Chile from a “buy” rating to a “hold” rating in a report on Tuesday, December 19th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $22.00.

Banco de Chile Stock Performance

NYSE:BCH opened at $21.84 on Tuesday. The stock has a market cap of $10.89 billion, a P/E ratio of 7.28 and a beta of 0.40. The stock has a 50 day simple moving average of $22.65 and a 200 day simple moving average of $21.99. The company has a current ratio of 1.56, a quick ratio of 1.59 and a debt-to-equity ratio of 2.81. Banco de Chile has a 1-year low of $19.20 and a 1-year high of $24.10.

Banco de Chile (NYSE:BCH) last released its quarterly earnings results on Monday, January 29th. The bank reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.15. The business had revenue of $987.90 million during the quarter, compared to analysts’ expectations of $872.49 million. Banco de Chile had a return on equity of 25.45% and a net margin of 28.62%. Research analysts anticipate that Banco de Chile will post 2.13 earnings per share for the current year.

Hedge Funds Weigh In On Banco de Chile

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mariner LLC raised its holdings in Banco de Chile by 46.1% in the 3rd quarter. Mariner LLC now owns 26,203 shares of the bank’s stock valued at $529,000 after acquiring an additional 8,265 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Banco de Chile in the 3rd quarter valued at $2,328,000. Alberta Investment Management Corp bought a new position in shares of Banco de Chile in the 3rd quarter valued at $940,000. Advisors Preferred LLC bought a new position in shares of Banco de Chile in the 4th quarter valued at $194,000. Finally, Brandywine Global Investment Management LLC increased its stake in shares of Banco de Chile by 4.5% in the 3rd quarter. Brandywine Global Investment Management LLC now owns 90,058 shares of the bank’s stock valued at $1,819,000 after purchasing an additional 3,910 shares during the last quarter. 1.24% of the stock is owned by institutional investors and hedge funds.

About Banco de Chile

Banco de Chile, together with its subsidiaries, provides various banking services to customers in Chile. The company offers checking and debit accounts, debit and credit cards, and lines of credit; mortgage, consume, commercial, general purpose mortgage loans, and finance leases; and factoring services, mutual fund management, stock brokerage, foreign trade, payments and collections, insurance brokerage, including life and general insurance, as well as time deposits, savings instruments, and foreign currency services through branches under the Banco de Chile and Banco Edwards brands.